24/7 Market News Snapshot 07 November, 2024 – OppFi Inc. (NYSE:OPFI)

November 7, 2024

DENVER, Colo., 07 November, 2024 (247marketnews.com) – (NYSE:OPFI) are discussed in this article.
OppFi Inc. has recently demonstrated robust market performance, opening today at $6.00 and achieving a trading price of $6.173, marking an impressive gain of approximately 14.10% following a previous session close of $5.410. This upward movement points to heightened investor interest, with a notable trading volume of 586.69K that suggests a potential shift in market momentum. Analysts are advised to monitor support levels near the last close and resistance around the current price for future market assessments.

In conjunction with its market activity, OppFi has released its financial performance report for the third quarter ending September 30, 2024. The company recorded its highest total revenue and net income figures in its history, with total revenues reaching $136.6 million, a 2.6% increase from the same period last year, and net income surging to $32.1 million, representing a remarkable growth of 106.4%.

CEO Todd Schwartz emphasized the significance of these results, attributing the achievements to effective credit initiatives, successful marketing strategies, and stringent expense management. Reflecting this success, the company has revised its earnings guidance upward for the third time this year, showcasing its optimistic trajectory towards growth and profitability.

For the first nine months of 2024, OppFi reported a total revenue of $390.2 million, up 3.8% year-over-year, while net income reached $69.9 million, an 86.1% increase compared to the previous year. Adjusted earnings per share rose to $0.33 from $0.16 in 2023.

Additionally, in its commitment to enhancing shareholder value, OppFi has executed an additional $1.0 million in share repurchases, with $16.4 million remaining under its repurchase authorization. The company forecasts total revenues for the year to be between $510 million and $530 million, along with adjusted net income of $74 to $76 million, further solidifying its mission to broaden credit access for everyday Americans while expanding its product offerings.

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